Your grandparents may not have imagined a retirement lasting 30 years or longer, but you can look forward to a long retirement, so start saving as early as possible. Ideally, you should start retirement planning in your 20s, but when you have an entry-level position and student loans to repay, it’s not always easy to save money. This leads us to the first reason to start thinking about your retirement by age 30.

Reason #1 You’re At Your Peak Earning Potential

By age 30 or so, you’re more likely to have a better paying job than you did in your 20s, with benefits such as company matching 401(k) contributions. As you advance in your career, you will earn more, giving you more disposable income to save more towards your retirement. Your 30s and 40s are your peak earning years; use this time to pad your retirement portfolio.

Reason #2 You Can Afford to Take Risks

If you start saving for retirement at age 50, you need safe, secure investments, but when you start saving at age 30, you can afford to take more chances for higher returns. You will have time to make up for a financial loss at age 35 but by age 50, you cannot afford any losses. Use accounting services in Miami to alleviate the bookkeeping burdens associated with long-term investments such as real estate or stock funds.

Reason #3 Because 80 is the New 60

It’s common to see financially stable couples in their 80s fulfilling their dreams of traveling to exotic destinations, sailing around the world or going back to college. People are healthier today; make sure you have enough money saved to do the things you have always wanted to do once you retire. If you imagine skinny-dipping in Ibiza at age 70, you will have to take advantage of compound interest now to pay 2044’s travel costs.

Consult a Miami tax preparer to ensure you take advantage of the tax benefits of saving for retirement and so you understand how tax deferrals work. Using a tax consultant or an accounting firm is a small investment that can significantly benefit you in your retirement.